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FHFA index puts Mountain Region behind national average

Fri, Feb 24, 2012

News

The Federal Housing and Finance Agency housing price index in the mountain region, which includes Colorado, dropped slightly year-over-year in December, but is down 30 percent from its peak in 2007.

The FHFA monthly index is calculated using purchase prices of houses purchased with loans that have been sold to or guaranteed by Fannie Mae or Freddie Mac, according to a report from the Colorado Division of Housing. It is a repeat-sales index similar to the Case-Shiller index, but limited to GSE loans.

The FHFA index has shown more negative growth than other home price indices like Case-Shiller and CoreLogic.

But even this index has leveled off over the last year, according to division of housing analysis. Home prices in the mountain region remained almost stable, falling just 0.2 percent year-over-year in December. That’s better than the national average, where home prices fell 0.7 percent.

December marked the 51st month in a row that the index fell year over year.

The FHFA index has shown deeper declines in home sales prices in the mountain region than in the rest of the country, according to the division of housing. But that’s contrary to other reports that have shown smaller sales price declines in Colorado than in other parts of the country.

The FHFA data includes Arizona and Nevada, which could impact the statistics for the region, according to the division of housing.

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